Love Pulse Posted April 21, 2022 Posted April 21, 2022 https://www.msn.com/ar-ae/money/news/عقارات-بغداد-ترتفع-بشكلٍ-مهول-ما-السر؟/ar-AAWqerG?li=BBqrI8k Real estate prices are rising in the Iraqi capital, Baghdad, remarkably, exceeding the ability of the middle class or employees to buy a house or a plot of land in most of its areas, while specialists saw that officials turning inward constituted a large part of this rise. Despite the effects of the economic crisis in the country, caused by the problems caused by the “Corona” pandemic, the Russian military attack on Ukraine, the rise in food prices and the decline in investment in the tourism and industrial sectors, the real estate market is far from these developments. Real estate prices in most areas of Baghdad are witnessing a significant increase, sometimes reaching double, in some areas, compared to previous years, which has caused damage to large sectors, especially in light of the housing crisis that afflicts the country. Get a cash reward of up to 7,500 dirhams advertisement advertisement Citigold And if the reasons that explain this rise are multiple, the US sanctions that targeted a number of Iraqi personalities and local officials, on different charges, helped this rise, in terms of the inability of the funds of this group to exit to other countries, as happened previously. During the past years, the United States imposed financial sanctions on officials and parliamentarians, for various reasons, such as violating human rights, or being involved in financing the Iranian Revolutionary Guard, and so on, which made the majority of these officials fear investing abroad, or buying real estate. In other countries, the United States can control or seize them. Investing at home Economic analyst Sarmad Al-Shammari believes that "most of these officials and representatives tended to invest in the interior, specifically the real estate market, such as residential units inside apartments or villas, located on the shores of the Tigris, as well as the banking sector and banking companies," noting that "this The trend, although in its natural context, was a state of health, but in Iraq, it caused damage and contributed to the rise in real estate and land prices. Al-Shammari believes, in a statement to "Eqtisad Sky", that "the relatively stable security situation, and the strong entry of real estate companies, in light of the housing crisis, made investing or keeping money internally, an option for many analysts and officials wishing to launder their money, as well as The worrying global tensions, and the deteriorating economic conditions in Lebanon, which was the preferred destination for many Iraqis, actually contributed to keeping that money inside the country. With the relative improvement of the security situation in Iraq, the capital, Baghdad, witnessed a wave of extensive bulldozing of agricultural orchards, to turn them into residential lands, as part of individuals’ efforts to meet the demand for the role, which prompted many officials to buy thousands of acres of agricultural, and turn them into knife plots, sold at prices relatively acceptable to the citizens. Related news Several countries are paying the price of the Ukraine war.. a new map of wheat and hunger Iraq records the highest financial revenues from oil in half a century On the banks of the Tigris River, in the city of Dora, south of the capital, Baghdad, real estate prices there represent a fantasy for the majority of the Iraqi people, but it was a suitable opportunity for many officials and representatives, who reserved their plots of land and real estate overlooking the river, while the The price per square meter there is about 5 million dinars (about 3,500 dollars). 3 million housing units For his part, Hussein Ali, the owner of a real estate office in Baghdad, believes that "the politicians' resort to the interior caused a major boom in real estate prices, as well as their agreement with the owners of investment projects, to buy a large number of apartments before their completion, and then dispose of them, and offer them at prices More expensive and greater than the normal price, with the aim of profit. Ali adds, in a comment to “Iqtisad Sky”, that “the escalation in demand for real estate is the main reason for this rise, as well as other factors, which calls for a clear government intervention, even in the matter of setting prices, and pumping more marching loans, to confront these wave". According to economic experts, Iraq needs more than 3 million housing units, in light of the high po[CENSORED]tion index, and the combination of reasons leading to an increase in real estate prices; Such as the demographic crisis, the inward orientation of local officials, the decrease in immigration rates due to several factors, and the relative improvement of the security situation. The capital, Baghdad, occupies the first place in slums, with 522 thousand housing units, in addition to 700 units in Basra governorate, and Karbala governorate is considered the least in terms of the spread of slums with 98 slums. And informality means the residential area that contains hundreds of houses built mostly of tin or mud, and some of them are of bricks, but they are irregular, and often put pressure on the infrastructure services of the regular areas, as well as their lack of municipal services, due to the fact that they are not officially installed.
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